Republicans Denounce Biden’s Budget, but Haven’t Provided an Alternative of Their Own

In Philadelphia, Joe Biden addressed a crowd of painters, dry-wallers, apprentices to announce his plan for investing in American jobs, education and health care and cutting the nation’s deficit.

Mar. 9 presented the president’s budget 2024 and detailed his economic, social and political agenda for the country. That vision contrasts sharply with that of Republicans, who control the House of Representatives, making passage of the budget highly unlikely as proposed.

Both sides pledged to protect and strengthen Medicare. This is a crucial component of Biden’s 2024 budget proposal.

The Middle Class: Focus your attention

“When the middle class does well, the poor have a way up and the wealthy still do very well,” Biden said. “I want to build the economy from the bottom up and the middle out, not from the top down.”

According to the president, he wants Americans to feel secure. “a little bit of breathing room” After paying their bills, he also negotiated with Medicare drug costs, which he stated would save Americans $160 trillion.

This plan will lower the cost of the middle class, decrease health care costs for all Americans as well as invest in education and protect the environment. It also promises to lower energy prices. The president proposed to revive American manufacturing. “We’re going to export product, and bring the jobs back here,” He said.

Biden said that while the plan relies heavily upon tax increases for America’s wealthiest, it would not burden taxpayers. He stated that it will stimulate and increase personal income as well as the economy.

He pointed out that an average billionaire pays only 3 percent income tax. He stated, “No billionaire should pay lower taxes than a firefighter or a schoolteacher.”

He suggested that large corporations should pay at least 15% in corporate income taxes, which is lower than the average rate for taxpayers.

Competing Vision

Although the president offered to increase the benefits for Americans and increase taxes on some of them, GOP leaders stated that they won’t consider tax increases and will instead focus on the restoration of the nation’s financial health through cutting federal spending.

Before the president arrived to Philadelphia, Republican leaders launched a tirade of criticisms about his spending plan.

Kevin McCarthy, the House Speaker (Republican from California), chided President Trump on Twitter by claiming that his budget was not in line with his. “completely unserious.”

“He proposes trillions in new taxes that you and your family will pay directly or through higher costs,” McCarthy repeated what has become a Republican mantra. “Washington has a spending problem, NOT a revenue problem.”

“President Joe Biden’s budget is a reckless proposal doubling down on the same far-left spending policies that have led to record inflation and our current debt crisis,” The Republican leadership team stated in a statement that Mar. 9.

“We must cut wasteful government spending. Our debt is one of the greatest threats to America and the time to address this crisis is now. Yet, President Biden is proposing out-of-control spending and delaying debt negotiations, following his pattern of shrugging and ignoring when faced with a crisis,” They agreed.

McCarthy, Majority leader Steve Scalise (Republican-La.) made the statement.McCarthy, Majority Leader Steve Ska (R.La.), and Republican Conference chairwoman Elise Stefanik(R.N.Y.) repeated statements made the previous day at a press conference in which McCarthy called on spending cuts to be achieved without increasing taxes.

“I do not believe that raising taxes is the answer. I’ve had this discussion with the president,” McCarthy spoke on Mar. 8.

The speaker and the president met on February 2 to discuss the national debt. It was a positive meeting, but it did not produce a resolution.

“I believe we could find common ground. It won’t be new taxes,” McCarthy stated. “Raising taxes in a low-growth economy like this will only hurt us more and put us into recession.”

Senator Rick Scott (R.Fla.), denounced the president’s plan on both ideological and fiscal grounds. He said that a “‘woke’ agenda has clearly taken over his party,” In a statement on March. 9.

Scott is considered an exception among Senate Republicans. However, his criticisms about the president’s agenda on social issues are widespread.

McCarthy hit back on March. 8 at the president’s preference to ESG investing. ESG investing means that fund investments are based on both financial and environmental outcomes.

“We’re looking here talking about fiscal responsibility. They [Democrats] are now picking their liberal policies instead of people being able to get a return on their retirement investments,” McCarthy stated.

“Now they’re going to [reduce retirement savings] because they’re gonna say you can only invest in my liberal policies, not on the return of the investment.”

Republican House Divided

Although Republicans have come together to oppose the Biden budget they are still divided when it comes to drafting their own plan.

Three budget proposals are being prepared by Republicans, one each from the House Budget Committee (the Republican Study Committee and the Freedom Caucus).

Emmer made reference to the divisions in the Republicans’ press conference held on March 8. 8 was meant to call for bipartisanship following a briefing by the Congressional Budget Office with House Democrats.

“You can’t make a difference on your own. You got to do it with other people, and Kevin McCarthy has literally started to bring both sides of this—all side—because it’s not that easy anymore. It’s not just both sides,” Emer spoke in apparent reference to factions within Republican caucus.

Biden stated that he believes it is impossible for Republicans to achieve their goal of reducing the deficit by increasing taxes or cutting Social Security and Medicare spending.

“How are they going to make the math work?” Biden asked. “What are they going to cut?” He suggests that Republicans can’t make their vision work by cutting social programs that many Americans count on.

While the president acknowledged that he had a different view of the economy than the Republicans, he stated that he was willing to work with the Republicans to find a compromise.

“I’m ready to meet with the speaker anytime, tomorrow if he has a budget,” The president stated. He offered to compare their positions and come up with a compromise.